Park+, the innovative car care services startup, is gearing up for an impressive milestone as it eyes a doubling of its revenue to exceed Rs 200 crore in the current fiscal year. With plans to achieve profitability in the January-March 2024 quarter, Park+ is making strategic moves to revolutionize the car care industry in India.

A senior official from Park+ revealed the company’s strategic outlook, expressing confidence in achieving profitability in the upcoming quarter. The startup, which has garnered substantial backing from Epiq Capital, is poised to close the fiscal year on a high note with revenue projections exceeding Rs 200 crore.

Expansion Plans in Full Swing

Founded with a vision to provide comprehensive car care services, Park+ currently operates in approximately 30 cities. However, this is just the beginning, as the startup has ambitious plans to expand its footprint to over 100 cities by 2024. The company’s founder and CEO, Amit Lakhotia, emphasized the goal of becoming an integral part of the car ownership experience for a significant portion of India’s car owners.

Park+ stands out by offering a diverse range of services tailored to car owners’ needs. From parking solutions and car cleaning to repairs and maintenance, the startup has created a one-stop platform accessible through its user-friendly app. The aim is to make Park+ the go-to destination for every fourth car in India, showcasing the company’s commitment to redefining the car care landscape.

Financial Performance and Projections

In the financial year 2022-23, Park+ recorded a loss of around Rs 99 crore but reported revenue of Rs 103 crore. Looking ahead, the startup is optimistic about the fiscal year ahead, anticipating profitability and a significant surge in revenue. The strategic initiatives undertaken by Park+ include venturing into commercial real estate partnerships and expanding its services beyond traditional offerings.

Park+ has carved a niche for itself by specializing in installing automatic gate barriers, streamlining the entry and exit process for cars in societies and commercial buildings. Beyond this, the startup envisions further service expansion, encompassing areas such as roadside assistance, insurance services, electric vehicle charging, and connected car services.

Growing Demand in Smaller Cities

One of the key drivers of Park+’s success lies in its ability to cater to the aspirations of people in smaller towns. The startup has witnessed a surge in demand in smaller cities, prompting geographic expansion plans. As commercial real estate partners bundle Park+’s services in their operations, the startup anticipates an even wider reach.

Park+ is not just reshaping the car care industry; it is also contributing to employment growth. Currently employing over 700 individuals, the startup envisions hiring an additional 300-400 employees to support its ambitious growth plans. As Park+ continues to redefine car care experiences, it sets the stage for a paradigm shift in how car owners perceive and access essential services.

In conclusion, Park+ is not merely a car care startup; it is a catalyst for change in the industry. With a vision to enhance the car ownership experience, achieve profitability, and expand its services nationwide, Park+ is poised to leave an indelible mark on India’s car care landscape.

By Admin

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